Early Aug 2020, this pair started a descending channel that has repeated multiple times.
Price action mixed with increasing oil prices leads me to believe EURCAD will be bearish for at least two weeks as it falls towards the bottom of the channel in a correction pattern as it only took a little over a week to reach the top of the channel. This could be momentum and break out of the channel so be sure to watch price action around 1.563. CAD is strong so I wouldn't expect anything spectacular out of the EUR.
Price action mixed with increasing oil prices leads me to believe EURCAD will be bearish for at least two weeks as it falls towards the bottom of the channel in a correction pattern as it only took a little over a week to reach the top of the channel. This could be momentum and break out of the channel so be sure to watch price action around 1.563. CAD is strong so I wouldn't expect anything spectacular out of the EUR.